2026 Qanvast Renovation Budgeting Report: Insights From 300 Homeowners

Top renovation anxieties, cost breakdowns and more.

Budgeting is one of the most important parts of the renovation process. Safe to say, it’s also a huge stressor for homeowners – not only does it involve a hefty sum of money, it’s also something that has to be financed on top of your regular expenses, which can prove difficult.

To better understand how homeowners are navigating this (and to help to-be homeowners), we surveyed over 300 people who renovated their homes between 2023 and 2025, and tackled different facets of renovation budgeting, financing and actual spending.

Below are 10 interesting insights we pulled from our full report, which you can download at the end of the article.

1. Carpentry is the most costly aspect of home renovations in Singapore

Nothing shocking here: among all renovation works, carpentry took up the biggest chunk of overall renovation spend.

It’s completely understandable. With homes in Singapore leaning towards the smaller side, built-ins are seen as a necessity to create sufficient storage space and make the most of the tight space. And costs will add up even more if you want intricate designs and features – so keep this in mind if you’re thinking of doing so!

2. Hidden/unexpected costs were, by far, the biggest source of renovation anxiety

When it comes to the source of renovation anxiety, one of them clearly stands out above the rest: hidden or unexpected costs.

Interestingly, concerns related to personal finances (like depleting their savings) didn’t come close. It suggests that the biggest renovation stressor is actually the uncertainty, where the possibility of something unexpected popping up along the way (e.g. rectification works for a hidden structural issue) is much more stress-inducing.

3. Homeowners aged 40 and over are least likely to exceed their planned renovation budgets

Your planned renovation budget VS what you actually spend can look very different – and unfortunately, our data shows that most respondents exceeded their budgets.

That said, it also shows that homeowners aged 40 and above were the least likely to overrun.

Interestingly, this group also had the biggest proportion of renovations over $80,000, possibly because they have higher spending power and more savings accrued. They’re also likely to have past renovation experience that could help them set clearer expectations from the start.

4. Most respondents aren’t entirely opposed to taking a loan

Taking a loan can be seen as living beyond your means – but do these respondents feel the same way?

The responses are more nuanced. While 38% of them did agree, 42% were on the fence, mentioning that loans are acceptable if they’re short-term and affordable. For them, practical factors such as interest rates, repayment timelines, and loan sizes matter more than the label of being “in debt”.

Another 20% disagreed entirely, viewing renovation loans as simply another financial tool at homeowners’ disposal. In their eyes, loans don’t automatically signal overspending – the more important factors are whether the repayments are manageable without sacrificing their overall financial plans.

5. Most homeowners take less than 5 years to save up for their renovations

Renovations are one of the biggest things a person could spend on – but surprisingly, our data shows that most homeowners don’t require a long time to save up. Overall, 79% of respondents needed less than 5 years, with 39% managing to do so in under 3 years or not touching their savings at all.

Of course, these numbers aren’t something you strictly need to follow. If you require more time, by all means take that extra time to save what you need – ultimately, it’ll depend on your current financial situation and the total amount you’re saving towards.

If you’re planning your renovation ahead of time, these simple tasks can go a long way:

• Having a rough renovation budget in mind early: it guides your savings goals and keeps your expectations realistic
• Saving early: modest monthly savings can add up over the years and reduce the pressure to rely on loans or external help

6. People in Central tend to spend the most on their renovations, followed by East

Compared to other parts of Singapore, our data shows that those living in the Central region had a noticeably larger share of higher-budget renovations, with the East coming in second.

Likely reasons for this include:

• Higher concentration of older resale homes, which may require more extensive renovations
• Homes in Central areas tend to be more expensive, suggesting greater spending power
• Homeowners in mature estates are more likely to view their property as long-term or forever homes, therefore investing more for their renovations

While there is a correlation, renovation costs ultimately depend on the scope of work rather than location alone. Factors such as layout changes, extent of carpentry, and material choices typically have a much bigger impact on the final bill, regardless of where the home is located.

7. 30% of HOs aged 25 to 29 are most anxious about having to finance their wedding at the same time

For younger homeowners, renovation stress often does not happen in isolation. Among respondents aged 25 to 29, almost a third said their biggest concern was having to finance their wedding alongside their renovation, a life stage where multiple big-ticket milestones tend to collide.

41% of respondents in this age group still viewed hidden or unexpected costs as the top anxiety, but financial pressures unique to this group clearly stand out. Many are setting up their first home while juggling wedding expenses, new household purchases, and other early-adult commitments, making cash flow a major concern.

If you are planning both milestones around the same period, consider staggering major expenses where possible and prioritising essential renovation works first (then, slowly build up other areas in the home as your savings grow). This can help ease financial pressure and reduce the risk of stretching your budget too thin during an already demanding phase of life.

8. Different age groups arrive at their budget differently

There is no single formula homeowners follow when setting a renovation budget. We took a look at how homeowners of different age groups set their renovation budgets and noticed different approaches across life stages.

For example, homeowners in their 30s are more likely to anchor their renovation budget to their current financial situation due to competing priorities such as childcare or career transitions.

When planning your own renovation, it helps to combine these approaches. Use market benchmarks to understand typical costs, assess what you can comfortably afford, then prioritise the elements that will have the biggest impact on how you live day to day.

9. Only 12% of homeowners who renovated with the intent to sell their home later spent over $80k on their renovation

Not everyone renovates with long-term living in mind. Among respondents who planned to eventually sell their property, most kept their spending relatively modest.

This suggests a more practical approach, where upgrades are focused on making a home more liveable without making it harder to sell in the future (for example, combining rooms in your BTO might make it harder to sell to families who want the original bedrooms intact).

If you are renovating with a future sale in mind, it may be worth prioritising essential features that appeal to a broad range of buyers. Spending heavily on extensive layout changes or personalised features like textured walls could potentially reduce your buyer pool and make it harder to recoup your costs later.

10. Respondents advise starting your renovation planning early and factoring in price buffers

If there is one piece of advice experienced homeowners consistently pass on to first-timers, it is this: start early and expect the unexpected.

Many respondents emphasised the importance of planning well ahead of key milestones, whether it is key collection or moving in. Early planning gives you time to compare quotes, refine your design, secure preferred interior designers and vendors, and avoid rushed decisions that often lead to regret or overspending.

Just as important is setting aside a buffer for unforeseen costs. Even with careful planning, renovations rarely go exactly as expected. Hidden defects, material price changes, or scope adjustments can quickly add up. Building a contingency into your budget from the start helps reduce financial stress and keeps the project on track if surprises arise.

Kickstart your renovation planning with confidence

Renovation is one of the largest upfront expenses most homeowners will face, so it’s natural for the process to feel overwhelming. The right preparation, however, can make a huge difference. Learning from others’ experiences can help you plan smarter, spend wisely, and avoid unnecessary stress along the way.

If you are planning a renovation soon, use these findings as a guide, not a rulebook. Set a realistic budget, leave room for the unexpected, and take time to plan ahead so you can make confident decisions instead of reactive ones.

For a deeper dive into cost breakdowns and other things you should look out for, you can download the full 2026 Qanvast Renovation Budgeting Report here.